Mar 09, 2026 (The Australian - ABIX via COMTEX) --
National Australia Bank has warned that surge in the price of crude oil could see the nation's inflation rate reach five per cent by June. NAB's chief economist Sally Auld adds that GDP growth may also slow, while she says there is a material risk of a global recession if the Strait of Hormuz stays closed for another month. AMP's chief economist Shane Oliver in turn says the war-induced rise in the oil price is effectively a "tax on households", noting that if the cost of petrol rises by $0.40 a litre it will increase weekly petrol bills by about $14, which will in turn force consumers to reduce other spending. Meanwhile, Energy Minister Chris Bowen has downplayed concerns about a fuel shortage, noting that Australia has not yet accessed its strategic petroleum reserve; he has cautioned against "panic buying" of petrol and diesel..
Publication Date: 10 March 2026
AMP LIMITED - ASX AMP
AUSTRALIA. DEPT OF CLIMATE CHANGE, ENERGY, THE ENVIRONMENT AND WATER
COMTEX_474961853/2229/2026-03-09T20:33:53
By Richard Ferguson and Jack Quail and Noah Yim
Copyright 2026 Roy Morgan Research. All Rights Reserved.
